家电行业深度研究报告：国补政策延续，2026年内需压力可控

Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [3] Core Insights - The 2026 domestic demand pressure is controllable, supported by the continuation of national subsidy policies [8][24] - The first batch of national subsidy funds of 62.5 billion yuan was issued on December 30, 2025, to stimulate sales during the New Year and Spring Festival [24] - The 2026 subsidy policy has tightened in terms of total issuance, subsidy categories, product standards, and subsidy limits compared to 2025 [24][27] Summary by Sections 1. Domestic Demand Pressure in 2026 - The national subsidy policy in 2025 significantly boosted home appliance sales, with over 129 million units sold, leading to an estimated sales revenue of approximately 440 billion yuan [11][12] - The overall demand pressure for 2026 is expected to be manageable despite potential high base effects in Q2 [21][24] 2. Policy Subsidy Tightening - The 2026 subsidy policy includes six categories of home appliances eligible for subsidies, with a uniform subsidy standard of 15% of the sales price, capped at 1,500 yuan per item [24][25] - The policy emphasizes stable and orderly fund distribution, aiming to improve consumer purchasing experiences and reduce pressure on enterprises [26][27] 3. Quantitative Analysis of the Impact of Subsidies - The report provides a detailed quantitative analysis of the impact of the subsidy policy on the demand for major home appliances, estimating that the update demand for air conditioners, refrigerators, washing machines, and televisions will see a year-on-year increase of 2.5% and a decrease in internal sales volume of 3.2% in 2026 under neutral assumptions [8][34] - The potential update demand for these appliances remains significant, with millions of units reaching their safe usage limits by the end of 2025 [33][34]